Wednesday, March 5, 2008

Financials Daily - 5th March 2008

US: U.S. stocks fell, led by financial and commodity shares, after Federal Reserve Chairman Ben S. Bernanke urged banks to forgive more late loans and oil, gold and copper prices dropped from records.

Europe: European stocks retreated for a fifth day, led by technology companies and automakers, after Intel Corp. cut its profit forecast and PSA Peugeot Citroen said the car market may decline.

Asia: Asian stocks fell for a fourth day on concern record commodity prices and credit-market losses will erode earnings.

Commodities: Crude oil rose in New York as investors purchased commodities to hedge against inflation amid the dollar's decline. Gold fell the most in four weeks after crude-oil futures dropped from a record, reducing the appeal of the precious metal as a hedge against inflation.
Silver also retreated.

Currencies: The dollar traded near a three-year low against the yen on speculation a report today will show weakening demand for U.S. labor as the world's largest economy grapples with losses on subprime mortgages.
Source: Bloomberg

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